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REDCO, AEW Buy One Montgomery Street in Downtown San Francisco for $82M

by Amy Works July 11, 2019

SAN FRANCISCO — A joint venture between REDCO Development and AEW Capital Management has acquired One Montgomery Street, a historic mixed-use property in downtown San Francisco. 601W Cos. sold the building for $82 million. Mike Taquino, Kyle Kovac, Russell Ingrum, Giancarlo Sangiacomo and Mandy Lee of CBRE’s San Francisco office represented the seller in the deal. Additionally, CBRE’s Mike Walker, Brad Zampa and Megan Woodring arranged $76.6 million in acquisition financing on behalf of the buyer. The five-year, non-recourse, floating-rate loan will finance a portion of the acquisition and provide funding for future capital expenditures and releasing costs. Located at the intersection of Montgomery and Post streets, Wells Fargo has occupied the building since 1984.

July 11, 2019

Acquisitions Illinois Midwest Office

NKF Arranges Sale of Three-Property Office Portfolio in Chicago’s Fulton Market

by Kristin Harlow July 11, 2019

CHICAGO — Newmark Knight Frank (NKF) has arranged the sale of a three-property office portfolio in Chicago’s Fulton Market District. Totaling 77,155 square feet, the portfolio comprises 939 W. Fulton St., 936 W. Fulton St. and 312 N. Carpenter St. Major tenants include Vital Proteins and iCrossing. Andy Gallas and Gino Tabbi of NKF represented the seller, a joint venture between Madison Capital and ASB Real Estate Investments. NKF also represented the joint venture when it originally purchased the portfolio in 2015. At that time, the buildings were utilized as meatpacking facilities.

July 11, 2019

Acquisitions Illinois Industrial Midwest

Avison Young Negotiates Sale of 117,472 SF Industrial Building in Suburban Chicago

by Kristin Harlow July 11, 2019

BATAVIA, ILL. — Avison Young has negotiated the sale of a 117,472-square-foot industrial building in Batavia for an undisclosed price. The property is located at 1020 Olympic Drive in Chicago’s Fox Valley submarket. The Class B building was constructed in 1977 and expanded in 1983. The property, situated on a seven-acre site, features clear heights ranging from 24 to 28 feet as well as three rail doors that enable connection to the nearby Burlington Northern Santa Fe rail spur. Tom Curtis and John Moysey of Avison Young represented the seller, a national manufacturing company, which used the facility as a single-tenant building for many years. The building was vacant at the time of sale. Midwest Industrial Funds purchased the asset and has retained Avison Young to market the repositioned property, which will undergo major renovations, including a new roof, installation of modern HVAC systems and an office renovation.

July 11, 2019

Acquisitions New Jersey Northeast Office

NKF Negotiates Sale of 18-Story Office Tower in Downtown Newark

by Alex Patton July 10, 2019

NEWARK, N.J. — Newmark Knight Frank (NKF) has negotiated the sale of 550 Broad Street, a 294,242-square-foot office tower in downtown Newark. The sales price was undisclosed. The 18-story, Class A building was built in 1966 and was recently renovated to add a new lobby, fitness center and café. Steven Schultz, Tony Georgiev, Josh Malka and Jeff Kolodkin of NKF brokered the sale in conjunction with live-bid commercial real estate sales platform RealINSIGHT Marketplace. The buyer was local investment firm Fidelco Realty Group, and the seller was undisclosed.

July 10, 2019

Acquisitions Illinois Midwest Retail

Matanky Brokers Sale of 102,647 SF Shopping Center in Federal Opportunity Zone in Park Forest, Illinois

by Kristin Harlow July 10, 2019

PARK FOREST, ILL. — Matanky Realty Group has brokered the sale of a 102,647-square-foot shopping center located at 80-138 S. Orchard Drive in Park Forest, south of Chicago. Freedom Development Group purchased the three-building property for an undisclosed price. The Family Dollar-anchored center includes a grocery store and auto repair center. The buyer was attracted to the site due to its location within a federal Opportunity Zone, according to Matanky. Terri Cox and Don Wagener of Matanky brokered the transaction.

July 10, 2019

Acquisitions Office Washington Western

Newmark Knight Frank Brokers $305M Sale of 901 Fifth Office Tower in Seattle

by Jeff Shaw July 10, 2019

SEATTLE — Newmark Knight Frank (NFK) has brokered the $305 million sale of 901 Fifth Office Tower, a 41-story, 541,190-square-foot property at the corner of Fifth Avenue and Madison Street in downtown Seattle. NKF’s Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Ken White represented the seller, a partnership of Schnitzer West and Investcorp, in the transaction. HFF represented the buyer, Vanbarton Group. 901 Fifth Office Tower encompasses nearly a full city block and is 100 percent occupied by more than 40 tenants including Pitchbook, Cray and Milliman Care Guidelines. Roughly 18 months ago, the property underwent a $4.6 million lobby renovation. The building is LEED Platinum certified and features valet parking, a fitness center, conference rooms, coffee shop/deli, landscaped outdoor plaza and Wi-Fi.

July 10, 2019

Acquisitions Multifamily New York Northeast

Hodges Ward Elliott Arranges $36M Sale of Multifamily Complex in The Bronx

by Alex Patton July 9, 2019

NEW YORK CITY — Hodges Ward Elliott (HWE) has arranged the $36 million sale of River Court and Gerard Court, a 252-unit multifamily property in The Bronx for $36 million. The complex, which is located at 1065-1075 Gerard Ave. near Yankee Stadium, offers studio, one- and two-bedroom units with elevator access. Daniel Parker, Paul Gillen and Ariel Tambor of HWE represented the seller, Related Cos., in the transaction. The buyer was Prana Investments, an investment firm with offices on both coasts.

July 9, 2019

Acquisitions Industrial Texas

MoxieBridge Acquires 168,600 SF Industrial Portfolio in DFW

by Taylor Williams July 9, 2019

DALLAS, FORT WORTH AND GRAND PRAIRIE, TEXAS — Locally based private equity investment firm MoxieBridge has acquired a 168,600-square-foot industrial portfolio in the Dallas-Fort Worth (DFW) metroplex. The portfolio, which was fully leased at the time of sale, spans seven buildings in Dallas, Fort Worth and Grand Prairie that were built between 2006 and 2009. Combined, the properties offer 560 trailer parking spaces and 34 tenant suites. With this acquisition, MoxieBridge now owns more than 1.3 million square feet of commercial and residential space in Dallas and Houston.

July 9, 2019

Acquisitions Midwest Minnesota Office

Lingerfelt CommonWealth Acquires 42-Story Office Tower in Minneapolis

by Kristin Harlow July 9, 2019

MINNEAPOLIS — Lingerfelt CommonWealth Partners LLC has acquired 222 South Ninth Street, a 42-story office tower in downtown Minneapolis. The purchase price was $81 million, according to the Minneapolis/St. Paul Business Journal. Principal Real Estate Investors sold the 727,170-square-foot tower, which will be rebranded as Two22. The new name stems from the property’s street address. Built in 1985, the building was originally known as the Piper Jaffray Tower and most recently the Campbell Mithun Tower. The property is 51 percent occupied. Lingerfelt plans to immediately implement an estimated $20 million comprehensive renovation, including modernization of the elevators, Skyway renovations, additional amenities, a lobby renovation and addition of an outdoor terrace. Lingerfelt will own the tower via its vertically integrated investment platform. Commonwealth Commercial Partners, the company’s affiliated real estate operating firm, will handle day-to-day property management for Two22 and open its first office in the Twin Cities. Atlantic Real Estate Capital arranged acquisition financing for the transaction. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE arranged the sale on behalf of the seller.

July 9, 2019

Acquisitions Midwest Minnesota Retail

Cooper Group Brokers $5.6M Sale of Shopping Center in Hutchinson, Minnesota

by Kristin Harlow July 9, 2019

HUTCHINSON, MINN. — The Cooper Commercial Investment Group has brokered the sale of County Fair Marketplace in Hutchinson, located 61 miles west of Minneapolis, for $5.6 million. The Aldi-anchored shopping center spans 60,208 square feet. Other tenants include PetSmart and Pizza Ranch. Dan Cooper of Cooper Commercial represented the Illinois-based institutional seller. A California-based private investor purchased the asset. The cap rate was 7.68 percent.

July 9, 2019

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